Your 67 year old uncle is going to purchase a 1 year term insurance policy. Given your uncle's personal circumstances the probability that he is alive 1 year from now is 96.5%. The policy will have a face value of $3,250,000. The insurance company has a required rate of return of 4.8% compounded annually. The insurance company wishes to know the present value of the expected payout on the policy (the pure premium). Your answer should be accurate to two decimal places. Therefore 100,386.00005 would be recorded as 100,386.00.